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HK-listed Playmates (HK:635), a toy-maker & property owner

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HK-listed Playmates (HK:635), a toy-maker & property owner

HK-listed Playmates (HK:635), a toy-maker has three parts:
+ Toymaking division
+ Property-investing
+ Cash and Investments
Chart : 5yr-weekly-update : daily

Playmates has a market cap of hk$917.5 million = 1.18 billion shs x hk$0.78
(Important note: shs. os per 12/2006 annual report: 1.86 billion)
 
I value the pieces, as follows :
+ Toymaking division..... : HK$ 185 million (29% of hk$636 mn Revs. pa)
+ Property-investing...... : HK$1296 million (34x net oper. income of hk$38mn.)
+ Cash and Investments : HK$ 760 million (HK$821 mn. - HK$61 mn.) june'07
.. ................................ : ==========
= Overall company total : HK$2,241 million
:: Reported Book Value : HK$ 2,241 million :: hk$1.20 on 1.86bn shs

(see details, below)
Toymaking:
Revenues, 6 mos. : hk$318 million w/ sector loss of hk$31.7mn in 6mos.
(Toy business refers to the design, development, marketing and
distribution of toys and family entertainment activity products)
 
Property Sector:
100 Canton Road / Spa & Beauty: rent increased 25% in 2007 vs. 2006
McDonald Road Residential properties
= valuation : hk$1,296 mn. (book value is: hk$1,296mn.)
= income : hk$19mn (6 mos.) x 2 = hk$38 mn.

Financial Assets: HK$ 522.3 mn - at 6/30/2007 (HSI was xx)
Cash & Equiv.s.  : HK$ 298.8 mn
(less debt o/s..) ( HK$ 61.0 mn)
Combined Total : HK$ 760.1 million

Playmates Holdings Limited - Contact Us
21/F, The Toy House, 100 Canton Road,
Tsimshatsui Kowloon, Hong Kong.
Tel:, (852) 2377 7388. Fax:, (852) 2735 2058.
IR Contact. Name:, Mr. Sidney To

> Website: http://www.playmates.net/eng/global/home.htm

> Annual Reports : http://www.playmates.net/eng/reports/2017.htm

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Playmates / HK:635

MktCap : hk$917.5 million = 1.18 billion shs x hk0.78

As at 30 June 2007, the aggregate value of the Group’s investment portfolio was approximately HK$821 million (31 December 2006: HK$501 million) , a high proportion of which, HK$299 million (31 December 2006: HK$170 million) was cash and bank deposits, and total outstanding bank loan was approximately HK$61 million (31 December 2006: HK$108 million).

HKSI was xx at 30 June 2007

= =

Brand Overview

The successful TMNT movie launch, together with the ongoing programming of new episodes of the Fast Forward animated television series, combined with the anticipated DVD release of the TMNT feature film in the fall of 2007 are expected to maintain continued interest in the Turtles franchise.

This fall, new girls toy introductions will be led by extensions to the successful Amazing family of dolls and WOW Pals feature plush brand. The Amazing brand will grow with the introduction of Amazing McKayla, a smart baby doll and Amazing Lexie, a unique talking fashion puppy. Internationally, by fall 2007, Amazing Amanda will be available in eleven different languages, including Mandarin for the Mainland China market. A new Blade, the Skate ’n Tricks Puppy joins the other WOW Pals this fall, further expanding our proprietary feature plush brand of one-of-a-kind play pals.

Since the introduction of our new-look Strawberry Shortcake line of dolls in 2006, distribution has expanded both in the U.S. and internationally. Twentieth Century Fox plans to release three additional direct-to-video DVDs in 2007. These are expected to continue to drive this ever-popular girl’s brand.

Our line of Disney Princess dolls and accessories are joined this fall by Tea Time Belle, an interactive Princess Belle that plays tea party with the little girl. This unique feature position will be television advertised and be the driver for the brand in 2007.

In 2006, Disney Consumer Products appointed Playmates Toys as their master toy partner for their newest girls publishing and entertainment franchise, Disney Fairies. Disney has identified Disney Fairies as one of their most important new girls branding initiatives. Disney plans to release four new Disney Fairies films /DVDs beginning in 2008 with Tinker Bell, the fairy recognized worldwide, and her friends.

Proposed Spin-Off and Separate Listing

The Board of Directors of the Company considered that it is in the best interest of the Company to pursue a spin-off and separate listing of its toy business, which could bring a number of benefits to the Group, including the facilitation of market valuation of the Group’s principal business segments, and the enhancement of the profile of the Group’s toy business as a standalone public group and its ability to pursue its strategic plans.

The Board announced on 27 April 2007 that it is proposing a possible spin-off and separate listing of the toy business of the Group on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and had submitted on that day a proposal to the Stock Exchange pursuant to Practice Note 15 of the Listing Rules.

A further announcement was made by the Board on 23 July 2007 that the Stock Exchange has granted its approval to the Company to proceed with the proposed spin-off and on 20 July 2007, Playmates Toys Limited, as the holding company of

the Group’s toy business, had submitted an advance booking form for an application for the listing of, and permission to deal in, the shares of Playmates Toys Limited on the Main Board of the Stock Exchange.

As the listing of the shares of Playmates Toys Limited pursuant to the proposed spin-off is subject to, amongst other things, the approval of the Listing Committee of the Stock Exchange, the final decision of the Board and the board of directors of Playmates Toys Limited, the proposed spin-off may or may not proceed, and shareholders of the Company and public investors are advised to exercise caution when dealing in the securities of the Company.

Property and Other Investments

Rental and management income from the Group’s investment properties for the period was HK$29 million, an increase of 34% from the same period a year ago.

Segment operating profit was HK$124 million (including revaluation surplus of HK$105 million), compared to HK$181 million (including revaluation surplus of HK$168 million) in the same period last year. The overall occupancy rate maintained at a high level during the period under review.

Rental income generated by the principal property at 100 Canton Road recorded a growth of approximately 25% during the period. The significant increase in rental income was attributable to higher average rental rates for leases signed in the second half of 2006 and early 2007 than the rates of expired leases. During the period, one floor previously occupied by office tenant was leased to a beauty and skin treatment specialist and further expanded the spectrum of spa and beauty services at 100 Canton Road. With the completion of the enhancement program, management is confident to optimize and further improve the tenant mix of this principal investment property.

Rental income generated by the residential properties at MacDonnell Road recorded a growth of 85% during the period. The significant increase in rental income was mainly due to the improvement in rental yields from new leases as a result of the ongoing refurbishment and upgrade program carried out since the acquisition in 2006.

The Group has adopted the fair value method for its investment properties. As at the end of the period under review, the investment properties of the Group were revalued by an independent professional surveyor. A valuation surplus of HK$105 million was reported in the consolidated income statement of the Group for the period.

With the continued growth of the local and regional economy, management remains confident in the medium to long term prospects of its property investment and associated business which will continue to form an important segment of the activities of the Group.

The Group’s other investment activities include managing a portfolio of cash, bank deposits and various financial instruments. As at 30 June 2007, the aggregate value of the Group’s investment portfolio was approximately HK$821 million (31 December 2006: HK$501 million) , a high proportion of which, HK$299 million (31 December 2006: HK$170 million) was cash and bank deposits, and total outstanding bank loan was approximately HK$61 million (31 December 2006: HK$108 million).

Financial Assets: HK$ 522.3 mn - at 6/30/2007 (HSI was xx)

Cash & Equiv.s : HK$ 298.8 mn

(less debt o/s..) ( HK$ 61.0 mn)

Combined Total: HK$ 760.1 million

Net contributions from interest income, interest expense and bank charges, dividend income from investments and net gain on investments during the period was approximately HK$40 million compared to HK$7 million during the same period last year. Going forward, however, and in view of the volatility in capital markets across the globe, future earnings from investments may be uncertain.

/more: http://www.playmates.net/eng/reports/pdf/int2007.pdf

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(EXCERPT from 2006 Annual Report)

 

Playmates Toys and our property and other investments all contributed positively to the profitable Group results in 2006.

 

In 2006, Playmates Toys experienced another year of industry stagnation, shrinkage in its key categories, restrictive retail inventory policies and margin pressures and reported a decrease in both sales turnover and operating profit for the year. Nevertheless, Playmates Toys continued to invest in portfolio expansion and remains on track with its growth strategies.

 

Lower sales combined with increased investments in brand marketing and development, offset to some extent by reduced operating costs during the year. At the center of Playmates Toys growth strategy is category expansion. Several years of focused efforts have resulted in a diversified portfolio of brands and broader participation in different segments that characterize the toy industry. In 2007, Playmates Toys’ product portfolio continues to expand. In addition to the five established brands: Disney Princess, Strawberry Shortcake, Disney Fairies, Amazing and Teenage Mutant Ninja Turtles, three new initiatives will be launched: R.E.V.s, Land Before Time, and Popples. The Disney Princess brand, in its sixth year, has established itself as an evergreen franchise and in 2006 delivered solid revenue contribution

 

As at 31 December 2006, the Group had a total of 154 employees in Hong Kong, the Mainland China and the United States of America. This compares to 138 employees as at 31 December 2005

 

TOY SECTOR SUMMARY

======== 2007 1h : 2007 2h // 2006 1h : 2006 2h // -2006- / -2005- % chg.

Revenues..... $ 347.6 : $ xxx.x // $ 317.6 : $ 810.4 // $1,128 / $ 1,278 - 11.7%

Sector Profits $ ( 9.6) : $ xxx.x // $ (32.1) : $ 60.1 /// $ 28.0 / $ 96.4 - 71.0%

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Details of the principal properties of the Group as at 31 December 2006 are as follows:

 

Property Name======== : ==Use== : exp. / gr.floor area interest / Location

The Toy House................... : Commercial: 2049 107,400 Sq.ft. 100% / 100 Canton Road, Tsimshatsui

Playmates Factory Building : Industrial.. : 2047 317,100 Sq.ft. 100% / 1 Tin Hau Road, Tuen Mun

Residential flats in 4 Bldgs*: Residential : 2895 . 39,040 Sq.ft. 100% / MacDonnell Road, Midlevels

 

*(situated at Nos. 21 & 21A and Nos. 23 & 23A :: MacDonnell Road, Midlevels)

 

Q&D Valuations:

The Toy House................... : Commercial: 2049 107,400 Sq.ft. x $ 4,500 = $ 483.3 mn

Playmates Factory Building : Industrial.. : 2047 317,100 Sq.ft. x $ 1,250.. = $ 396.4 mn

Residential flats in 4 Bldgs*: Residential : 2895 . 39,040 Sq.ft. x $10,000. = $ 429.4 mn

================= : ................ : ...... . ................... : .......... : =$1,309.1 million

================= : ................ : ...... . ................... : .......... : =$1,296 million BV

 

 

Compare:

21a MacDonnell House : $ 26.1 MN. on 2,519 gr.sf built 12/82

23a MacDonnell House : $26.6 Mn. on 2,519 gr.sf built 12/82*

 

Flat A, 23/F, MACDONNELL HOUSE, MACDONNELL HOUSE,

6 - 8 MACDONNELL RD, MID LEVELS, HONG KONG ISLAND

 

per: http://evalue.hangseng.com/eng/val03.asp

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100 CANTON ROAD: The Toy House

============

 

viewfilenw3.jpg.hk.jpg

 

Today I visited 100 Canton Road. I now realise that this is a prime TST local, right across from the Armani Emporium in the Gateway shopping centre. In the lobby you can find bronze statues of the TMNT characters, making it clear the ownership of the building.

 

Currently, it is rented to a luxury cosmetics retailer (Clarins?, on the groundfloor) and various expensive Japanese restaurants.

 

img02.gif.img03.gif.img05.gif

 

I believe the value of this building must be rising in line with the strong HK property market- so up 10% -20% within 2007 probably.

 

= =

 

(This description was on the Savilles website)

 

The Toy House

100 Canton Road Tsimshatsui . Located near the China Hong Kong Ferry and Tsim Sha Tsui Station, this stylishly designed architecture enjoys full Kowloon Park and sea views on high floors. This distinctive looking building offers exceptionally high 8'9" ceiling with metallic ceiling tiles. Fully fitted office are available in various layouts to suit different needs. Areas range from 2,075 sq.ft. gross to whole floors of 4,429 sq.ft. gross.

read more . . .

 

Contact:

Maggie Chu / on +852 2378 8605 / mchu@savills.com.hk

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Playmates Holdings Ltd. (HKEx:635)

THE COMPANY

Headquartered in Kowloon, Hong Kong, Playmates Holdings is a global designer, distributor and manufacturer of children뭩 toys. Toy lines include The Teenage Mutant Ninja Turtles, Amazing Amanda, and Strawberry Shortcake. The Company owns over 460,000 sq. feet of commercial and residential real estate. At the end of 2006, Playmates had revenues of HK$1.3 billion and a real estate portfolio valued at HK$1.2 billion.

FINANCIAL DATA HISTORICAL SHARE PRICES

=============== 2004 2005 2006

Earnings per Share ...($) 0.16 0.11 0.14

Price to Earnings (times) 6.35 9.72 7.61

Dividend ................. ($) 0.05 0.05 0.06

Dividend Yield ..........(%) 5.00 5.00 6.00

Book Value ...............($) 0.76 0.90 1.00

Price to Book Value (times) 1.38 1.17 1.05

All $ values are in HK$

WHY ABC FUNDS BOUGHT PLAYMATES

After its founding in 1966, Playmates quickly established itself as a key outsourcing partner for toy doll manufacturers located around the world. Not content to be solely a behind-the-scenes manufacturer, the Company aimed to transform itself into a developer, marketer, and distributor of a diversified portfolio of toy lines. However, it wasn뭪 until the 1980뭩 that the Company signaled that it was ready to take on the largest global toy companies. In 1984, Playmates became the first toy company to list on the Hong Kong Stock Exchange. Armed with cash from its successful IPO, and eager to expand its action figure portfolio, Playmates sought a meeting with Massachusetts-based comic book publisher Mirage Studios. Sufficiently impressed with Mirage뭩 quirky comic books, Playmates launched a full line of Teenage Mutant Ninja Turtles toys. The Turtles became a global phenomenon, leading Forbes to label Playmates as the most profitable toy company in the world.

As the Turtles phenomenon slowly faded away in the late 1990뭩, so did investor enthusiasm for Playmates?stock. The 1990뭩 toy industry entered into a rocky transitional period. As young children gravitated towards interactive toys, traditional toy companies such as Playmates found themselves behind the curve. The 9/11 terrorist attacks further compounded the Company뭩 problems and pushed the industry into recession. Retailers were stuck with excess inventory and purchase orders were cancelled. Playmates stock price, reaching HK$3.50 in 1995, trades at around HK$1.00 today.

To reduce the volatility of its toy business, in 2001 the Company decided to gradually deploy its excess cash into Hong Kong real estate. The first purchase was its headquarters, The Toy House, located in Kowloon, Hong Kong for roughly HK$520 million. This transaction was followed by the purchase of its factory in 2002 and apartment buildings in 2005 and 2006. The timing of these purchases was fortuitous. The Toy House, purchased during a time of depressed rental rates, is now a retail landmark. Lease rates across both apartment and retail assets are being raised to take advantage of tight occupancy rates. Since 2002, the portfolio뭩 value has increased by HK$420 million. At the end of 2006, the Company뭩 real estate had an appraised value of HK$1.2 billion.

With its current property portfolio, it could be said that Playmates is a real estate company with a toy business thrown in for free (or at least very cheaply). The Company뭩 cash, financial investments, and real estate currently totals HK$1.7 billion. Considering its total market capitalization of HK$1.9 billion, one could sell the real estate and effectively pay only HK$200 million for the toy business. While it is true that Turtles popularity will never reach the highs of the 90뭩, the brand is still among the top five highest selling toy brands in North America. Additionally, a new CGI movie, DVDs, and television show should reinvigorate the brand. Apart from the Turtles, Playmates distributes and markets over ten toy lines. Key lines include Disney Princesses and Fairies (in 2002 Playmates became Walt Disney뭩 top doll licensee), Land Before Time, Strawberry Shortcake, and Amazing Amanda (nominated Toy of the Year in 2005). Since 2003, the toy business has averaged HK$105 million in pre tax operating profit.

Valuing the property portfolio and toy businesses separately, we arrive at a sum-of-the-parts value of HK$1.50.

Playmates management has signaled its intention to unlock the value of both businesses. In an April 27th press release, the Company announced it was considering a separate listing for its real estate assets. With over 55% insider ownership, management could explore selling both businesses outright. A typical scenario could see a Hong Kong REIT purchasing the real estate assets and a US-based toy company buying the toy business. A larger toy company could add Playmates?top lines to their portfolio and spread the costs across a larger platform or eliminate the Hong Kong based operation entirely. Looking ahead we expect the market to gradually close the gap between the Company뭩 value and depressed stock price.

ABC Funds - May 18, 2007

/more: http://www.valueinvestigator.com/valuefavourites/635.shtml

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(Comment after first half statements):

 

Looking at second half 2007/2008 the toy portfolio is positioned well. The next six months will see the expansion of the Company뭩 best selling Amazing Amanda line, new Disney Princess dolls, and the reintroduction of Popples. In 2008, the Company will introduce new action figures and expand its offering of electronic toys under the Playmates Electronics banner.

 

Despite a positive outlook for the remainder of the year, the industry is currently clouded by Mattel뭩 recall of several million toys after discovering dangerous levels of lead paint on toys manufactured by its Chinese supplier, Early Light Industrial. While Playmates has not officially addressed the issue, in an interview with the Wall Street Journal, executive Sidney To stressed that the Company does not source from Early Light Industrial...

 

Playmates?property investments continue to perform well. Rental income for the period was HK$29 million, 34% higher over last year.

 

/see: http://www.valueinvestigator.com/valuefavourites/635.shtml

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The spring is loaded

aa0kg9.gif

 

- looks like the stock may be beginning the take-off ... update

bigxe4.gif

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The SPINOFF DATE has come and gone - and we see:

 

Price now: $0.57, with a spinoff worth maybe $0.13

 

was:

Dec.31 $0.83

Jan.02 $0.80

----.04 $0.80

----.11 $0.75

----.18 $0.70

Jan.21 $0.57 : SPINOFF ! WAS IT REALLY WORTH $0.13??

----.22 $0.52

----.23 $0.54

----.24 $0.54

Jan.25 $0.57

----

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== TOYS ===

SECTOR....... - 12/05 : - 12/06 : 1h.06 : 2h.06 : 1h.07 : 2h.07
 
TOY Revs... $ 1,277.6 : 1,128.0 : 338.8 : 789.2 : 376.1 :
Results...... $ 97.02 : $ 28.02 :$-32.1 : $60.1 : $-9.6 :
TOYS Assets.. $ 561.8 : $ 558.7
-- Liabs..... $ 275.0 : $ 263.3
-- Equity.... $ 286.8 : $ 295.4
-- CapEx...... $ 4.07 :. $ 0.46
-- Deprec..... $ 2.85 :. $ 2.81
 
B.V. : maybe HK$ 300mn / 2.22 bn :: HK$ 0.136
 
Brand Overview
The successful TMNT movie launch, together with the ongoing programming of new episodes of the Fast Forward animated television series, combined with the
anticipated DVD release of the TMNT feature film in the fall of 2007 are expected to maintain continued interest in the Turtles franchise.
 
This fall, new girls toy introductions will be led by extensions to the successful Amazing family of dolls and WOW Pals feature plush brand. The Amazing brand
will grow with the introduction of Amazing McKayla, a smart baby doll and Amazing Lexie, a unique talking fashion puppy. Internationally, by fall 2007,
Amazing Amanda will be available in eleven different languages, including Mandarin for the Mainland China market. A new Blade, the Skate ’n Tricks Puppy
joins the other WOW Pals this fall, further expanding our proprietary feature plush brand of one-of-a-kind play pals.
 
Since the introduction of our new-look Strawberry Shortcake line of dolls in 2006, distribution has expanded both in the U.S. and internationally. Twentieth Century
Fox plans to release three additional direct-to-video DVDs in 2007. These are expected to continue to drive this ever-popular girl’s brand.
 
Our line of Disney Princess dolls and accessories are joined this fall by Tea Time Belle, an interactive Princess Belle that plays tea party with the little girl. This
unique feature position will be television advertised and be the driver for the brand in 2007.
 
In 2006, Disney Consumer Products appointed Playmates Toys as their master toy partner for their newest girls publishing and entertainment franchise, Disney Fairies. Disney has identified Disney Fairies as one of their most important new girls branding initiatives. Disney plans to release four new Disney Fairies films/ DVDs beginning in 2008 with Tinker Bell, the fairy recognized worldwide, and her friends.

== PROPERTY ===
PROP'TY RENTS $ 29.08 : $ 39.43 : $18.9E: $16.2E: $ 26.1E:
Prop.Mgmt..... $ 3.58 :. $ 4.43 : $ 2.4E: $ 2.0E:. $ 2.5E:
Prop.Reval... $ 74.90 : $ 265.5 : 167.9 : $97.6 : $105.1 :
Other Exp.... $ -x.xx : $ xx.xx : -15.3E: -25.2E: -18.9E :
Interest Inc. $ 14.94 : $ 11.75 : $ 5.8E: $ 6.0E: $ 8.0E :
Divid. Inc.... $ 2.79 :. $ 1.32 : $ 0.7E: $ 0.6E: $ 1.0E
Results...... $ 94.29 : $ 261.4 : 181.6 : $80.4 : $123.8 :
PROPERTY.... $1,363.9 :$1,295.2 : ..... : ..... :$1295.8 :
-- Liabs...... $ 18.4 :. $ 31.5 : ..... : ..... :
-- Equity... $1,345.5 :$1,264.0 : ..... : ..... :
-- CapEx...... $ 34.8 : $ 265.6 :: Residential Jan.06
-- Deprec..... $ 1.54 :. $ 2.33
 
OTHER
Cash Bal..... $ 170.0 : $ 443.9 :: incl. below? : $299.0 :
Other Unallo. $ xxxxx :
Unallocated.. $ 755.8 : $ 523.4 : ..... : ..... :$ 821.0 :
-- Liabs..... $ 146.2 : $ 214.4
-- Equity.... $ 609.6 : $ 309.0
Unall. Costs. $-18.99 : $-21.02
 
B.V. : maybe HK$ 2100mn / 222 mn :: HK$ 9.46
 
Rental and management income from the Group’s investment properties for the
period was HK$29 million, an increase of 34% from the same period a year ago.
Segment operating profit was HK$124 million (including revaluation surplus of
HK$105 million), compared to HK$181 million (including revaluation surplus of
HK$168 million) in the same period last year. The overall occupancy rate
maintained at a high level during the period under review.
 
Rental income generated by the principal property at 100 Canton Road recorded a
growth of approximately 25% during the period. The significant increase in rental
income was attributable to higher average rental rates for leases signed in the
second half of 2006 and early 2007 than the rates of expired leases. During the
period, one floor previously occupied by office tenant was leased to a beauty and
skin treatment specialist and further expanded the spectrum of spa and beauty
services at 100 Canton Road. With the completion of the enhancement program,
management is confident to optimize and further improve the tenant mix of this
principal investment property.
 
Rental income generated by the residential properties at MacDonnell Road recorded a growth of 85% during the period. The significant increase in rental income was mainly due to the improvement in rental yields from new leases as a result of the ongoing refurbishment and upgrade program carried out since the acquisition in 2006.
 
The Group has adopted the fair value method for its investment properties. As at the end of the period under review, the investment properties of the Group were revalued by an independent professional surveyor. A valuation surplus of HK$105 million was reported in the consolidated income statement of the Group for the period.

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MunsterK said:
How does the stock conversion work? My reading of it is that they are trading under 2909 until 5th March; and from there on revert back to 635?

Yes. A temporary trading symbol, until the 1:10 split becomes fully effective.

#2909 began trading two days ago, and closed yesterday at hk$5.41 Change: -0.29

I think it is very cheap, and should eventually get to $9.00 - $10.00, especially since HK property is moving up so quickly on the back of rate cuts.

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YOU GOTTA ADD : at least 10% to those June 2007 Property valuations !!

COLLIERS = Q1.2008:

==============

LUXURY RESIDENTIAL SECTOR
• Due to the prospective trend of rising inflation and falling interest rate cuts, more prospective
property purchasers entered the market in 4Q 2007. The average luxury residential price
increased 9.4% QoQ to HK$11,846 per sq ft as at the end of November 2007.
• Luxury residential rentals and prices are to rise 15% and 25% per annum respectively in
2008. The pace of rental and capital appreciation might surpass market expectations on the
upside should there be any faster-than-expected growth in local inflation and deeper-thanexpected
rate cuts in the US over the next 12 months.
MID-LEVELS
In Mid-levels, the average luxury residential price increased 6.0% QoQ to HK$9,471 per sq ft as at
the end of November 2007. The key development in Mid-levels under pre-sale is, 31 Robinson Road,
a brand-new development, comprising a total of 84 luxury apartments, is scheduled for completion
in 2008. The average selling prices are ranging from HK$10,491 per sq ft and HK$19,753 per
sq ft, which was generally higher than the average of HK$9,471 per sq ft in the sub-market. Due
to the scarcity of new launches in the primary market, property purchasers continued to resort
to the stock in the secondary market. Some of the popular developments included Dynasty Court,
Regence Royale and The Albany.
In Dynasty Court, a mid-floor unit at Tower 4 was sold for HK$29.8 million in November
2007. With a total floor area of 1,962 sq ft, the average unit price was HK$15,189 per sq ft. In
August 2007, another unit with the same size and similar orientation but located at the high-floor
zone of Tower 4 was sold for HK$29.68 million, or an average unit price of HK$15,127 per sq
ft. Comparing the two transactions, the average price growth at Dynasty Court was 6.9% QoQ
during 4Q 2007.
- -
COMMERCIAL: RESILIENT RENTALS
In the office leasing market, overall Grade A office rentals remained resilient thanks to the buoyant
sub-market in Central. Despite the volatility in the financial market and the confirmation of Morgan
Stanley leaving Central for West Kowloon, there was actually no severe negative impact on the
average rental growth during 4Q 2007. Due to the sustained expansionary floor area requirements
amongst the key occupiers in the professional sector, average rentals in Central showed signs
of picking up momentum and posted a growth of 8.1% QoQ to HK$93.33 per sq ft per month
as at the end of November 2007.
 
Beyond the Central Business District, the rental performance in other sub-markets was
quite diverse. Traditional business districts e.g. Wan Chai and Causeway Bay on Hong Kong
Island registered steady growth in line with the overall market. However, due to the anticipated
completion of a spate of new developments in Kowloon East, the sub-markets in Island East
and Kowloon East were essentially flat. All in all, the average Grade A office rental increased 6.6%
QoQ to HK$56.32 per sq ft per month as at the end of November 2007. In terms of quarterly
rental growth, the performance of the Grade A office market in 4Q 2007 was encouraging since
the pace of rental growth picked up significantly after a period of slowing growth between 3Q 2006
and 4Q 2007.

/see: http://www.colliers.com/Content/Repositori...8-Knowledge.pdf

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Updating CHARTS...

Playmates Holdings Ltd./ HK635 . All Data : All vs-HSI :

J0p9och.gif

Playmates Holdings Ltd./ HK2964 / HK635 . 5-yrs : HK 2964: $1.02 PER: 4.755 / Yield: 2.94% : BV : ??

TyVq3rH.gif

Playmates Toys Ltd. (HKG)/ HK869 . 5yrs : HK 0869: $0.76 PER: n/a —/ Yield: 7.89% : BV : ??

CZknQbB.gif

x

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PLAYMATES TOYS LIMITED (Stock Code: 869)

   PROFIT WARNING
This announcement is made by Playmates Toys Limited (the Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (“Listing Rules”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the
Laws of Hong Kong).
The board of directors (“Board”) wishes to inform shareholders of the Company and investors that based on a review of the Group’s preliminary financial results for the year ended 31 December 2018, the revenue and profit before income tax of the Group for the year are expected to record decreases as compared to those of 2017. The unaudited revenue of the Group for the year ended 31 December 2018 is expected to be approximately HK$474 million as compared to the audited revenue of HK$758 million in 2017, and the unaudited profit before income tax of the Group for the year ended 31 December 2018 is expected to be approximately HK$4 million as compared to the audited profit before income tax of HK$89 million in 2017
.
The decrease in profit was mainly attributable to lower sales in 2018.
The Company is in the process of finalizing the financial statements of the Group for the year ended 31 December 2018. The information contained in this announcement is only a preliminary assessment by the Board and is not based on any figures or information audited or reviewed by the Company’s auditors.
The Group’s annual results for the year ended 31 December 2018 are expected to be announced in February 2019.
Shareholders of the Company and investors are advised to exercise caution

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